Blog Startupr - incorporate, register and form your company online

Hong Kong

A dormant company is one that does not carry on business and has no income for the whole of the preceding year.

Benefit of Dormant status?
It allows an inactive company (company incorporated in Hong Kong) to be retained at a minimum maintenance cost since a dormant company under Section 344A of the Ordinance is Exempt from complying with the following requirements as laid down in the Company Ordinance.
When is a company deemed to be a dormant company?
If a company passed a special resolution (pdf Format) declaring the company would become dormant, the company will be deemed to be dormant as from:
(i) the date of delivery of the special resolution to the Registrar of Companies

Where a company becomes dormant, it will not be necessary for the company to comply with these annual obligations. A company is still required to submit an annual return for the year in which it declares itself to be dormant.

If you want to deregister Hong Kong Limited company, you need to follow these 2 steps (the company must be incorporated under the Companies Ordinance, other than those companies specified in section 291AA(16) or registered under Part XI of the Companies Ordinance) :

1) Contact IRD (Inland Revenue Department) to obtain a written notice of no objection
2) Once you receive a written notice of no objection from IRD, you have to notify CR ( Company Registry)

Process with Inland Revenue Department

Applicant Form (IR 1263) is required to submit to the Commissioner of Inland Revenue with a fee of $270 which is non-refundable regardless of the result of the application.

All the members of the company agree to the deregistration;

The company has never commenced business or operation, or has ceased to carry on business or ceased operation for more than 3 months immediately before the application

The company has no outstanding liabilities; and

It has obtained a written notice of no objection from the Commissioner of Inland Revenue.

Fees: 270 HKD

How do I deal with CR (Company Registry)

Once you obtain a written notice from IRD, an application for deregistration can be made to the Registrar of Companies in the specified form (Form DR1).

This one-day forum will provide you unique insights from many of the industry’s leading practitioners – to help you differentiate your offering and meet the new requirements of doing business profitably in Asia.

IF you are interesting on event of the Belgian-Chinese Chamber of Commerce (BCECC) and the Belgium-Hong Kong Society. Please let us know.

Dear Mr. Milar,

In light of the Business of Design Week(BoDW) that will take place from December 2 to December 7, 2013 in Hong Kong, the Belgian-Chinese Chamber of Commerce (BCECC) and the Belgium-Hong Kong Society (BHKS) are pleased to invite you to a networking event with a business delegation from, amongst others, the HK-SAR Government, HK Trade Development Council, HK Design Center, HK Design Institute, Polytech Institute and HK Ambassadors of Designon March 5, 2013 in Brussels.
Belgium being elected “Partner country” to the BoDW 2013 is an acknowledgement of our importance in the global world of creativity. This event promises a valuable platform for Belgian design-related business. This prestigious project, under the name of Belgian Spirit, is an organization of our 3 regional governments and related partners.

Who Should Attend?
– Champions and connoisseurs of design
– Start-ups and SMEs looking for inspiration
– Entrepreneurs, innovators, highly-motivated business leaders
– CEOs and senior management interested in unleashing the power of design
– Policy makers and influencers, trade association leaders
– Academics and design educators
– Students and all creative individuals
Please find attached a list of the coming delegation.
Program:
16.00-16.30: Registration

Venue:
Sheraton Brussels Airport Hotel
Brussels National Airport
1930 Brussels
Located across the departure halls of the airport.

Interested in joining us? Subscription fee for BCECC and BHKS members is 35€/person and 70 €/person for non-members. Please register before the 1st of March by sending the filled in registration form to [email protected] or by faxing it to 02 649 04 39.
Looking forward to meeting you there!
Best regards,

IF you have a bank account in HSBC, you can ask your bank account manager to get better interest rate, startupr has asked HSBC for response in case our customers have positive balance at their bank account.

Dear Tomas,

Thanks for your information.

For the time deposit interest rate, there is no any difference between stand-alone USD saving and Business Direct Integrated Account. But for Business Direct account, we are also providing investment account for customer to enhance the revenue from their business. We have difference kinds of products which can tailor-made for our commercial customer.

For this case, customer need to arrange the meeting to come HK to open the integrated account. And also, you need prepare ALL the update business documents for account opening as usual.

Answer:
Almost every person/entity can open bank account in HK, there is no restriction from the Financial Secretary (Hong Kong) on bank account opening for foreigners. We might illustrate a typical example where customer from US (or EU, Egypt, Russia, India etc.) incorporate company in HK and than will open bank account with Hang Send bank, HSBC or Standard Chartered Bank.

One of the most important issue is to be prepared well before you have a meeting with local bank. Most of the time, the bank asks for following documents (this is prepared by us):
– M&A
– Business certificate
– Incorporation Certificate
– NC1 certificate

Business Nature(this section doesn’t make any sense to me how can you invoice some company if you just started, any way you should follow what is required):
– business description
– invoices
– agreements (if any)
– bank reference letter (example here)

A private company – Limited (Ltd.) having a share capital should, except in the year of its incorporation, file its annual return once in every calendar year. In Hong Kong it’s within 42 days after the anniversary of its date of incorporation, in United Kingdom it’s within 28 days after the anniversary of its date of incorporation.

• the name of the company;
• its registered number;
• the type of company it is, e.g. Limited;
• the registered office address of the company;
• the address where the company keeps certain company registers if not at the
registered office;
• the company secretary
• the name and address of the company secretary, where applicable;
• the name, usual residential address, date of birth, nationality and business
occupation of all the company’s directors;
• the date to which the annual return is made-up

One of the most exciting thing in regards to Hong Kon, it’s the fact that almost all government requirements and payments might be done online.
We are going to talk about the fees and levy of the Business Registration certificate.

According to Inland Revenue Department:“For registered business, a business registration renewal demand note will be sent by the Business Registration Office approximately 1 month before the current Business Registration Certificate expires. Upon payment, the demand note will become a valid Business Registration Certificate. If you do not receive such a demand note, you should inform the Commissioner in writing within 1 month of the expiry of your current Business Registration Certificate.”

This might be one of the way how you cut. You will not need to have it done by your company secretary on your behalf. Pay that by yourself!

Bear in mind that it’s mandatory to renew you Hong Kong business certificate every year. You don’t need anyone to do it on your behalf however in order to maintain your company in the order with HK legislation, please keep eye on that.